Final answer:
New U.S. patents are granted for a period of 20 years from the filing date. This duration aims to provide inventors the opportunity to earn a return on their innovation without maintaining a permanent monopoly.
Step-by-step explanation:
In accordance with the General Agreement on Tariffs and Trade (GATT) and the prevailing laws of the United States, new U.S. patents are granted for a period of 20 years from the filing date. The correct answer to the question is C) 20 years. This duration is considered to be a balanced period that allows inventors to both recoup their investments and earn a good return without enabling a permanent monopoly on the patented technology or invention.
It's important to understand that while a 20-year patent period is the standard, this time frame is somewhat arbitrary and reflects a balance between incentivizing innovation and preventing permanent monopolies. As the history of patent filings shows, the mid-1990s saw a significant increase in patent applications,
partly due to technological advances like the internet, with implications on patent laws such as the 1998 Copyright Term Extension Act. Although protective, the patent system is not without its challenges, as debates continue over its effectiveness in different industries and the equitability of the benefits it confers to inventors.